The South African Automotive Industry. September 2010 Roger Pitot

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1 The South African Automotive Industry September 2010 Roger Pitot

2 Evolution of the SA Passenger & LCV Market 1950 to % - 45% - 25% +14% FC Passenger 36,758 98, , , , , , , , , , , , ,000 LCV 7,676 20,385 95, , , , , , , , , , , ,500 Total 44, , , , , , , , , , , , , ,500 Source: NAAMSA

3 Passenger Car Market Makes & Models : 1994 to April 2010 April Marques 1,187 models January Marques 192 Models

4 Who are the OEMs in South Africa? BMW (3-Series) Ford (Ranger Pickup from 2011) GM (Corsa pickup, Isuzu pickup) Mercedes Benz (C-class) Nissan/Renault (various sedans and pickups) Toyota (Corolla 4-door and Hilux pickup) Volkswagen (Polo old and new)

5 FBU Import Duty MIDP introduced 1 September 1995 EU preferential duty rate introduced end : minus 2% 2007: minus 4% 2008: minus 5% 2009: minus 6%

6 Industry Performance Since 2000 SA vehicle production vs. global production % change 2009/2008 Global Vehicle Production 58,40 million 69,33 million million million % SA Vehicle Production 0,357 million 0,588 million 0,563 Million 0,374 Million % SA Share of Global Production 0,61% 0,85% 0,80% 0,61% %

7 Industry Performance Since 1991 Export Trends (R millions) US$ 11.5bn

8 Units SA Automotive Industry Development of FBU export volume - units -38% 26% 284, , , ,947 68,031 15, FC

9 SA Motor vehicle Export Trends (units) What do we expect in 2010/ , , , , , , , , , , , , , , , ,000 59,716 68,031 50,000 15,764 11,553 19,569 25, Source: NAAMSA

10 SA Automotive Industry Development of Component Exports US$ Bils -37% 25%

11 Component Exports ($ Mils) Component Catalytic Converters Seats, Stitched Leather Engines and Parts Tyres Silencers/Exhausts Transmission shafts/cranks Automotive tooling Automotive glass Total Components

12 How Important are the Auto Sector Exports to SA? YEAR Total SA Exports (R bn) Total Automotive Exports (R bn) Total Gold Exports (R bn) Automotive Exports as % of Total SA Exports Ratio of Automotive: Gold Exports 102,1 210,4 655,8 4,2 23,4 96,1 21,5 27,8 48,5 4,1% 11,1% 14,7% 0,2:1 0,8:1 2,0:1

13 New Vehicle Manufacturing Industry SA Capital Expenditure US$ 850m Av FC Prod. Facilities Land and Building OEM Support Structure Total Source: NAAMSA

14 Units per employee SA OEMs Employment Annual Headcount Yearly Averages Source: NAAMSA

15 Snapshot of the Component Sector Over 150 Tier 1 suppliers and 300 Tier 2/3 Employment peaked at 83,000 in 2008 Turnover was over $10 billion Current levels are 20% below the peak, but gradually recovering.

16 Motor Industry Development Programme (MIDP): Objectives Introduced Key Objectives: To improve SA automotive industry s international competitiveness To improve vehicle affordability in the domestic market To encourage growth in vehicle and component manufacturing, particularly through exports To stabilise employment levels in the industry To create a better industry foreign exchange balance

17 Industry Performance: International competitiveness Significant improvement in quality and productivity. Progressive economies of scale with local platforms down from 42 to 17 Increase in number of vehicles produced per employee from less than 10 vehicles per annum to around 15 vehicles by Significant rationalization and economies of scale production has reduced complexity for domestic component suppliers and enhanced efficiencies Huge improvements in quality resulting from stricter controls necessary for sophisticated export markets

18 PP100 Industry Performance Since 1998 Passenger Car Product Quality PP PP a 2000b Problems / 100 vehicles Trend Source:Synovate

19 Industry Performance: Other key performance benchmarks Affordability New vehicle prices below inflation for 11 out of 15 years. Above inflation increases in 2009 (13,8%). For 2010, projection is between 5% and 6%. Exceptional growth in industry exports through end 2008 and significant growth in domestic market through 2007 Massive drop in local sales from mid 2006 to end Through 2008, relatively stable aggregate industry employment. Since 4 th quarter, 2008 employment losses accelerated but have remained stable since mid Trade deficit has narrowed substantially during Slight increase experienced in 2009.

20 How important is the Auto Sector in SA?

21 World Automotive Industry Manufacturing by Country Rank Country Passenger Commercials Total % 1 China 10,383,831 3,407,163 13,790, % 2 Japan 6,862,161 1,072,355 7,934, % 3 USA 2,249,061 3,462,762 5,711, % 4 Germany 4,964, ,334 5,209, % 5 South Korea 3,158, ,509 3,512, % 6 Brazil 2,576, ,989 3,182, % 7 India 2,166, ,456 2,632, % 8 Spain 1,812, ,390 2,170, % 9 France 1,821, ,028 2,049, % 10 Mexico 939, ,821 1,557, % Subtotal 36,934,750 10,817,807 47,752, % 26 South Africa 224, , , % Other 10,410,802 2,872,956 13,283, %! Total 47,569,552 13,846,763 61,416, % Source: OICA

22 SA Automotive Industry What are the Prospects for 2010 and 2011? Passenger & LCV Market FBU Exports -25% +14% +15% -38% +26% +16%

23 Challenges for the South African Automotive Industry Source: NAAMSA

24 Negative Impact on Trade balance Source: NAAMSA

25 Car Imports - Share of market 80.00% 70.00% 60.00% 50.00% 40.00% Car Imports % of market Source : NAACAM

26 Current Typical Local Content levels in SA Automotive Industry far too low XX%: % of total component cost YY%: true local content as % of total component cost Harnesses Starter motors Alternators Wiper systems HVAC Electrical / Electronic 15% Body 19% 5% Exterior 10% Interior Cockpit Seats Door panels Carpets 3% Glass Paint Bumpers Mirrors 23% 7% 6% Bonnets Bootlids Sideframes Doors Chassis and Drive-train 33% 14% Axles Differentials Drive shafts Brakes

27 Local Content Competitiveness Supplier cost index in 2010 vs. Western Europe at 100 Mexico 83 Brazil 102 W. Europe 100 Cz. Rep 98 E. Europe 98 Russia 113 China 85 India 88 Thailand 92 Malaysia 94 NB: Consensus of OEMs RSA 110

28 Benchmarking of Port Productivity 100 Average productivity (Moves/hr) SA s ports are far behind global standards Low productivity exacerbates OEM cost penalties Source : AIDC Port Benchmarking Study

29 Global Fuel Standards Selected Countries Key features USA EU - HDV EU - LDV S Korea Brazil Argentina Beijing China Mumbai India Thailand RSA TII B8 Euro III TII B5 (LEV) TII B4 TII B2 Euro IV Euro V Euro VI Euro IV Euro V Euro VI Euro IV Euro III Euro IV Euro III Euro IV Euro II Euro III Euro IV Euro II Euro III Euro IV Euro III Euro IV Euro II Euro III Euro II Euro III Euro V Euro V Euro V Euro V Euro V Euro V Euro IV Euro IV Euro II? SA fuel quality far behind even developing countries SA refineries require significant investment to comply with future specs Global markets will change over time to new standards

30 What are the Silver Bullets for the SA Auto Manufacturing Industry? Average produced volumes per platform p.a. need to increase to > p.a. (Ideally to units p.a.) Local Content levels need to increase from <40% to >70%. Supplier Competitiveness has to improve to Index 100 to W. Europe as a minimum within next 2/3 years. A major Industrialisation Strategy is required in the supplier industry. The supply chain needs to increase manufacturing depth (2 nd and 3 rd Tier suppliers). Productivity to improve dramatically from <20 cars to >30 cars per employee per annum. Massive investment needed in Training and Skills development at all levels - Operator - Specialist / Engineer - Leadership SA Automotive Industry

31 Background and Objectives of the 2013 Automotive Production and Development Program (APDP) Production increase to 1.2 million vehicles per annum by 2020 with associated deepening of the components industry. Provide appropriate levels of support for these ambitious targets. Achieve better balance between domestic and export sales to supply growing domestic demand. Ensure consistency with WTO rules.

32 Import Duty taxation Vehicle Assembly Allowance Production Incentive Automotive Investment Scheme Background and Objectives of the APDP Background of the APDP The APDP consists out of 4 pillars that will drive the programme: Import Duty. Vehicle Assembly Allowance (VAA). Production Incentive (PI). Automotive Investment Scheme (AIS). APDP 32 Duty Rebates

33 Background and Objectives of the APDP Import Duty The New APDP will have stable, moderate import tariffs from 2013: 25% for Completely Built Up Vehicles (CBUs). 18% for CBU s out of Europe via the EU preferential rate. 20% for CKD components used by vehicle assemblers. FBU Import Duty Rate CKD Import Duty Rate 40% 35% 36% 40% MIDP APDP MIDP APDP 35% 30% 25% 20% 29% 24% 25% 25% 18% 18% 25% 18% 30% 25% 20% 28% 24% 20% 20% 20% 15% 15% 10% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 10% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 FBU Import Duty FBU Import Duty (EU Pref Rate) CKD Import Duty Rate

34 Background and Objectives of the APDP Vehicle Assembly Allowance (VAA) The Vehicle Assembly Allowance (VAA) will allow vehicle manufacturers with a plant volume of at least 50,000 units per annum to import a percentage of their components duty free. 20% reducing to 18% over 3 years. Introduction in % 28% 26% 24% MIDP 27% 27% APDP 22% 20% 18% 16% 20% 19% 18% 18% 14% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 DFA% of Domestic Turnover VAA% of Domestic and Export Turnover

35 The Production Incentive will be in the form of a duty credit aimed at raising production value-added: 60% Background and Objectives of the APDP Production Incentive (PI) 55% of the duty, reducing to 50% over 5 years. Value-added = Sales minus Imported Components and materials. Additional 5% for vulnerable sub-sectors. = Net benefit of 11% of Value-added, reducing to 10% 55% 50% 55% 54% 53% 52% 51% 50% 50% 35 45% '13 '14 '15 '16 '17 '18 '19 '20 Production Incentive

36 Background and Objectives of the APDP Automotive Investment Scheme (AIS) The Automotive Investment Scheme will be in the form of a Direct Cash Grant to support investments: 20% of a projects value paid over 3 years. 5% - 10% additional support providing certain requirements are fulfilled, including additional local production, tooling support, R and D. Introduction of the AIS was 1 st July (Retroactive Legislation)

37 Thank you! Roger Pitot Executive Director, NAACAM

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